Nigeria: An Underdeveloped Country
Briggs David T.
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Obayori Joseph Bidemi
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Keywords: Economic Development, Leadership, Monoculture, Nigeria, Per capita, Underdeveloped
Abstract
Underdeveloped nations are those nations that are not adequately established and plagued with relatively low economic level of industrial production, standard of living low per capita income, high rate of population growth and dependence on backward agriculture when compared to developed nations. One of the principal objectives of underdeveloped or less developed countries is to increase the rate of economic development. Thu, the central focus of this paper is to examine Nigeria as an underdeveloped nation by looking at the features and consequences of underdevelopment. The paper used library science method and collected data purely from secondary materials. The paper found that amongst the feature of Nigeria underdevelopment are; high rate of unemployment, inequality distribution of income and wealth, high level of insecurity, high rate of poverty, and monoculture nature of the Nigerian economy. These consequently resulted into not achieving macroeconomic objectives such as increase in output growth in all the sectors as expected. The paper therefore suggested articulated development plan and people-oriented government, improved governance and service delivery, respect for the dignity of labour, respect for the rule of law, well-defined national objectives of self- reliance and a social security system as well as leadership by example. All these will increase the level of socioeconomic and macroeconomic development in the economy.